German Ambulance Vehicles for Ghana
Press Release from 2010-12-22 / KfW IPEX-Bank
- KfW IPEX-Bank arranges export financing of Volkswagen vehicles converted into ambulances by WAS
- Contribution to a change for the better in ambulatory care for the rural population in Ghana
KfW IPEX-Bank finances the conversion of more than 150 Volkswagen vans into ambulance vehicles and mobile clinics and their delivery to the Republic of Ghana. The loan agreement was signed in December and has been exchanged on Monday in Accra, Republic of Ghana, in the attendance of high ranking members of the Ghanaian Government and representatives of the involved companies.
The Volkswagen vans (base models T5 and Crafter) will be converted by WAS (Wietmarscher Ambulanz- und Sonderfahrzeug GmbH). The medium-sized company is the European market leader for specialized vehicle conversions and has successfully delivered ambulance cars and mobile clinics worldwide in cooperation with several leading automobile manufacturers.
Christian K. Murach, member of KfW IPEX-Bank’s Management Board comments: „This transaction is an outstanding example for the additional value of a financing structured and arranged by KfW IPEX-Bank: the application for a loan cover granted by the German Export Credit Agency, EulerHermes, built the foundation that made this important German export possible which will contribute to improved living conditions to many people in Ghana.“
The vehicles will be delivered to the Ghanaian Ministry of Health in three batches starting in March 2011. They will be used by the Ghanaian National Ambulance Service (NAS). The NAS urgently needs ambulance vehicles and mobile clinics to ameliorate the ambulatory care especially for the rural population in Ghana. Large parts of the people who live in remote areas hardly have access to medical care and services which can soon be brought to them.
Universal Motors Ltd., the local Volkswagen partner in Ghana, has initiated the business and plays a significant role in the transaction. Universal Motors will supervise the correct delivery of the vehicles in Accra and will provide service, maintenance and technical surveillance of the ambulance cars according to Volkswagen standards in the coming years. During the transaction, Universal Motors was advised by TL African Business Development, a consulting company specialized in financing projects in western Africa.
The financing of EUR 10m with a tenor of six years obtained cover from the German Export Credit Agency, EulerHermes, and benefits from the fixed interest rate CIRR (Commercial Interest Reference Rate).
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of July 2010) and is represented in the key economic and financial centres throughout the globe.